“Sold to consumers as short-term relief during a cash crunch, pay day loans carry interest rates of over 400 percent and catch working people with a steady source of income in a long-term debt trap. On December 17th at 11:30am, San Francisco City leaders, in partnership with local credit unions, will help relieve this burden on hardworking San Franciscans by launching PayDayPlus SF, a low cost emergency loan available to City residents at 13 locations.”

Does the Money Mart at 7th and Market actually charge more than 400% interest when it gives you a payday loan? No se, but I’m betting you’ll get much better terms from PDP SF.

A lively late-night scene in Mid Market.

Mark your calendars for Thursday, December 17th, 2009 – that’s the day we’ll get all the deets on PayDayPlus San Francisco.

Springing the Debt Trap — for San Franciscans and Californians

Sold to consumers as short-term relief during a cash crunch, pay day loans carry interest rates of over 400 percent and catch working people with a steady source of income in a long-term debt trap.

On December 17th at 11:30am, San Francisco City leaders, in partnership with local credit unions, will help relieve this burden on hardworking San Franciscans by launching PayDayPlus SF, a low cost emergency loan available to City residents at 13 locations. and Mayor Gavin Newsom, stay to participate in a community conversation about PayDayPlus SF and learn how you can spread the word to San Franciscans about this new low cost loan to help weather tough economic times. You will also learn more about the problems caused by conventional pay day loans and how your organization can help push for proposed financial empowerment solutions that are moving forward in Washington, DC and Sacramento.